Australia has reaffirmed its commitment to Cambodia’s economic development through continued support for the Government-Private Sector Forum (G-PSF), acknowledging the crucial role of public-private dialogue in creating a conducive business climate in the Kingdom.
The 19th G-PSF plenary session is scheduled to take place on November 13 at the Peace Palace in Phnom Penh, with Prime Minister Hun Manet presiding. The forum will focus on strengthening cooperation between government bodies and the private sector to tackle business-related challenges.
The endorsement of the G-PSF by Australia was confirmed during a meeting between representatives from the Australian embassy and officials from the Council for the Development of Cambodia (CDC) and the Cambodia Chamber of Commerce (CCC). These two bodies serve as the public and private secretariats of the G-PSF, respectively, as detailed in a press release from the embassy.
It outlined the role of the Cambodia Australia Partnership for Resilient Economic Development (CAPRED), Australia’s flagship economic development programme. The initiative is instrumental in providing the G-PSF with technical assistance, aiming to foster best practices and ensure broad-based participation.
“Cambodia’s private sector has immense potential to propel the country’s economic growth. The G-PSF serves as an essential mechanism for harnessing this potential by encouraging robust cooperation between the government and its working groups,” it stated.
Established in 1999, the forum has been recognised for its “excellence” in public-private dialogue best practices, particularly during the period from 2002 to 2009 when it received Australian support. The expansion of the forum from six to 14 working groups is a testament to the growing emphasis on private sector engagement in enhancing the Kingdom’s business environment, according to the press release.
Australian ambassador Justin Whyatt highlighted the importance of the forum.
“The Cambodian private sector is poised to play a significant role in the nation’s economic progress. The G-PSF stands as an effective instrument for harnessing this dynamism, enhancing collaboration to overcome challenges in the private sector,” he stated.